ࡱ>  sbjbjVV 7<<@&=====QQQ8|QFH  "+++FFFFFFF2JLF)=F==++Hsss=+=+FsFss;=+pQYB<FH0FH<MM4==nM=A>rs\tWFFFHM : Published in Journal of Accountancy (May, 2007. Pages 44 48) FEATURE ARTICLE: EMPLOYEE BENEFITS/PERSONAL FINANCIAL PLANNING Taking Stock of ESPPs by Timothy A. Farmer and Gregory G. Geisler BLURB: Millions of American workers are leaving money on the table because they dont take advantage of employee stock purchase plans (ESPPs). Here are some pointers for your clients on when to buy shares and how long to hold them. PROMO: Despite being commonly offered by corporations, employee stock purchase plans havent caught on among most workers. Heres how to dispel some of the mystery surrounding them. A few thousand large U.S. corporations offer employee stock purchase plans (ESPPs), in which workers can buy their companys stock through a payroll deduction, usually at a significant discount. But according to the National Center for Employee Ownership (NCEO), millions of employees are leaving money on the table by not participating, a puzzling phenomenon. CPAs can help their clients understand that the plans can be a valuable source of savings for retirement and other purposes. This article outlines three approaches, each with a different length of time to hold the stock, based on relative risk tolerance and financing ability. The NCEO estimates that well over 30 million employees are eligible to participate in qualified ESPPs, but only approximately 10 million employees do so. According to a 2006 NCEO survey, more than one-third of companies responding had participation rates of 20% or less, and at another nearly one-quarter of companies, the rates were 40% or less. In 2004, the most recent year for which a breakdown is available by type of employee, only 33% of eligible salaried employees participated. For hourly employees, the rate was even lower, only about 22%. The NCEO attributes low participation to plans not having the most favorable characteristics allowable, along with employee demographics, lack of faith in the companys prospects and lack of knowledge. Holding stock purchased through an ESPP entails some risk. As with any stock, the price could decline. Buying and holding stock reduces available cash. So until the stock is sold, financingeither through a reduction in other investing or an increase in debtis required. Also, accumulating stock of a single corporation can create a portfolio that is less diversified than is desirable. One corporations stock should make up no more than 10% of a portfolios total assets. Employees should also consider that declining fortunes for their employer could result in the loss of their job in addition to a reduction of their portfolios value. A typical ESPP allows employees to buy stock at a discount of up to 15%. Specifically, after-tax pay is withheld during a six-month offering period, then it is used to purchase the discounted stock. According to the NCEO, most ESPPs qualify for tax benefits under IRC section 423principally that participants do not recognize income on the discount at time of purchase. Section 423 limits annual purchases to $25,000, but only a small percentage of employees can buy that much, because the plans generally limit purchases to 10% of an employees compensation. Most ESPPs contain a look-back provision; the discount is based on the lower of the stocks prices at either the beginning of the offering period (looking back) or the purchase date. If the stocks price increases during this time, the discount can effectively be more than 15%. Example 1. Price per share is $50 at the beginning of the offering period. If it is $70 at the purchase date, the employee pays $42.50 [$50 " (15% $50)] per share a 39.3% ($27.50 $70) discount. A Quick Flip Least Risk Most corporations allow ESPP participants to  flip their stock, which means they can immediately sell their shares to realize a quick gain equal to the discount minus any taxes and brokerage commission on the sale. Example 2 assumes: The ESPP has no look-back provision. The discount is 15% off the market price on the purchase (exercise) date. No brokerage commission is paid for selling the stock. The stocks price at the beginning of the offering period is the same as at the end (the purchase date). The employees marginal tax rate on ordinary income is 28%. Example 2. For $500, the employee receives $588 of stock at a 15% discount [$500 (100% " 15%)]. If the employee immediately sells the stock for $588, he or she treats $88 as ordinary income and pays approximately $25 ($88 28%) of tax. The employee s after-tax gain is $63 ($588 " $500 " $25). It s generally better to flip than not participate, since the discount almost always exceeds the taxes and transaction costs, and risk is low. Employees who prefer to let their shares appreciate in value can do so but should take advantage of the long-term capital gains tax rate. Holding for a YearSome Risk Some corporations do not allow flipping. They require employees to hold stock for a specified time. Those employees and others can still benefit from selling shares after a year, since appreciation in the stocks value can qualify as a long-term capital gain, with a maximum tax rate of 15%. Example 3 incorporates the same assumptions as Example 2, plus: The stock does not pay dividends. The stock appreciates 7% per year. Example 3. The stock worth $588 that the employee bought for $500 appreciates to $770 four years later. When it is sold, ordinary income is $88 ($588 " $500), and long-term capital gain is $182 ($770 " $588). Tax on ordinary income is $25 (see Example 2), and tax on capital gain is $27 ($182 15%). Net after-tax cash flow increases by $218 ($770 " $500 " $25 " $27). A disposition of stock held for more than a year from its purchase doesnt always qualify for long-term capital gain treatment, however. A disqualifying disposition occurs when the shares are held less than two years after the beginning of the offering period. In many cases, however, a disqualifying disposition is not something to avoid because the code treats the stocks appreciation in price after its purchase as long-term capital gain. However, if the ESPP has a look-back provision and the stock price increased significantly during the offering period, the employee would prefer a qualifying disposition. In this case, the individual is generally better off meeting both holding period requirements so the sale becomes a qualifying disposition, because the code treats the stocks appreciation in price during the offering period as long-term capital gain. To illustrate, return to Example 1 and assume no brokers sales commission. If the sale date is one year plus one day after the stocks purchase, then it is a disqualifying disposition, so $27.50 ($70 " $42.50) is ordinary income. If sold 1 years and one day after its purchase, it is a qualifying disposition (the sale date is more than two years after the beginning of the offering period), so $7.50 ($50 " $42.50) is ordinary income and $20the appreciation during the offering periodis long-term capital gain. In this illustration, a qualifying disposition receives more favorable tax treatment, but the stock must be held longer, so there is additional risk of a stock price decrease. After-tax proceeds from sales can finance future purchases. However, if the stock price declines significantly, some additional financing can become necessary. Holding for RetirementMore Risk In The Best Use of Spare Cash (JofA, Sep.06, page 41), a co-author of this article, Gregory Geisler, ranked options for using any pay or windfall not spent. Participating in an ESPP could compare favorably to at least some of those options, including investing in an employer-sponsored retirement plan without an employer-provided match. To determine how favorably, we compared the after-tax future value (ATFV) of buying stock through an ESPP at a 15% discount to buying the same corporations stock at full price through a retirement account. Continuing with all the assumptions in Examples 2 and 3, the formula for the ATFV of an investment through an ESPP held for n years before its sale is: (i) ATFV = [AT$ (1 " D%)] [(1+R)n (1" gn) + gn] " [tn ((AT$ (1 " D%)) " AT$)] where: ATFV = After-tax future value (employee s cash after stock sold and tax paid) AT$ = After-tax dollars invested (employees cost to buy the stock) D% = Discount percentage off the stocks current price that ESPP provides to employee R = Annual before-tax rate of return on the stock (annual appreciation in stocks price) n = Number of years the investment is held until it is sold tn = Ordinary tax rate when stock is soldapplied to discount gn = Long-term capital gain tax rate when stock is soldapplied to stock price appreciation Exhibit 1 assumes the ATFVs of a retirement account (Ret. Acct.) and an ESPP assuming the maximum long-term capital gain tax rate is set at 15%. We assume employees current marginal ordinary tax rate (t0) = future marginal ordinary tax rate (tn), so retirement accounts with front-loaded tax benefits, such as a 401(k) or deductible traditional IRA, are equivalent to those with back-loaded tax benefits, such as a Roth 401(k) or Roth IRA. Thus, the formula for the ATFV of an investment through a retirement account is: (ii) ATFV = [AT$] (1+R)n Exhibit 1 Comparison of After-Tax Future Value of ESPP and Retirement Account Assuming Long-Term Capital Gain Tax Rate Remains at 15%(1) ATFV (2) ATFV nAT$D%T$t0tngnR(1+R)nESPPRet. Acct.(1) " (2)2$50015%$58828%28%15%7%1.145$635$572 $636       1.501$813$750 $6310       1.967$1,046$983 $63 T$, the total dollars invested, is formula (i) s first term in brackets ([AT$ (1 " D%)]). With a 15% discount, the $500 paid by the employee purchases $588 [($500 (100% " 15%)] of stock. Given all of the preceding assumptions, ATFVESPP is always greater than ATFVRet.Acct. by $63 [$88 (100% " 28%)] (the last column of Exhibit 1), which equals total discount on stock purchased ($588 " $500 = $88) minus tax paid at the employee s ordinary tax rate (tn = 0.28). That is, when the long-term capital gain tax rate (gn) equals discount percentage (D%), and the individual s current (t0) and expected future (tn) marginal tax rates are equal, ATFVESPP is greater than ATFVRet.Acct by a constant amount. In such a case, investing in an ESPP produces a higher after-tax amount than investing in retirement savings when an employer does not match. In 2011, the maximum individual long-term capital gain rate (gn) is scheduled to increase to 20%. Exhibit 2 incorporates this change by assuming gn = 20% for all investment horizons beyond two years. Exhibit 2 shows that the ESPPs advantage erodes over the years, and buying the stock at full price and owning it inside a retirement account eventually becomes better than buying it at a 15% discount through an ESPP. Exhibit 2 Comparison of After-tax Future Value of ESPP and Retirement Account Assuming Long-Term Capital Gain Tax Rate Increases From 15% to 20%(1) ATFV (2) ATFV nAT$D%T$t0tngnR(1+R)nESPPRet. Acct.(1) " (2)2$50015%$58828%28%15%7%1.145$635$572 $636     20% 1.501$799$750 $49 10     20% 1.967$1,018$983 $35 14     20% 2.579$1,305$1,289 $16 18     20% 3.380$1,682$1,690"$822     20% 4.430$2,176$2,215 "$3926     20% 5.807$2,824$2,903"$7930     20% 7.612$3,673$3,806"$133 To summarize, if the percentage discount off the stock s price purchased through an ESPP is less than the long-term capital gain tax rate, then the relative advantage of the ESPP over the retirement account declines over the years. After a number of years, the longer the stock is held, the more advantageous the retirement account becomes. Exhibits 1 and 2 assume the employees ordinary tax rate in the years of the investments purchase and sale are the same (t0 = tn). If we assume that it differs, the ATFVs of front-loaded and back-loaded retirement accounts are no longer equal. First, assume t0 > tn. This often occurs during an employees peak compensation years because taxable income in retirement becomes relatively lower due to the absence of salary. In this case, the employees contribution to a front-loaded retirement account will result in a higher ATFV than will a contribution to a back-loaded retirement account (such as a Roth). How does the front-loaded retirement account compare to buying stock at a discount through an ESPP? Continue to assume that the individual long-term capital gain rate (gn) becomes 20% a few years in the future. Generally, the ESPP has a higher ATFV for only a few years, and the front-loaded retirement account has a higher ATFV beyond a few yearsaround the time gn increases to 20%. If that person expects to have a lower tax rate on ordinary income in retirement, CPAs should recommend he or she first put spare cash into a front-loaded retirement account with no employer match before holding stock bought at a discount through an ESPP. Now assume the opposite case, t0 < tn, as can occur when employees have just begun their career or temporarily work part time. Taxable income in retirement is then expected to be relatively higher and taxed at a higher rate. In that case, the ATFV of an employees contribution to a back-loaded retirement account such as a Roth IRA or Roth 401(k) will be higher than to a front-loaded retirement account such as a regular 401(k). The comparison between a back-loaded retirement account and buying stock at a discount through an ESPP and then holding it is the same as in Exhibit 2. 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In other words, if an individuals tax rate on ordinary income is expected to be higher in retirement years than it is currently, the individual should not contribute to a front-loaded retirement account with no employer match unless cash remains after investing the maximum allowable amounts in both the ESPP and back-loaded retirement accounts. With risks properly considered, employees who have an ESPP available to them can be better equipped by your advice to take advantage of their corporations plan. Whether they incorporate an ESPP into their long-range savings strategy or supplement their short-term earnings by quickly selling shares purchased through the ESPP, theyll appreciate your guidance in how to approach that money on the table and pick it up. Resources Web site National Center for Employee Ownership, www.nceo.org/options/index.html. Practical Tips %CPAs should find out if a client is employed by a publicly traded corporation with an employee stock purchase plan (ESPP). If so, find out what discount percentage it offers, whether that discount percentage can effectively be larger because the plan has a look-back provision, and whether stock can be resold immediately. %If clients buy stock regularly through an ESPP and hold it indefinitely, they should be careful that it does not become too large a percentage of their total assets. Executive Summary ( Employees of corporations with an employee stock purchase plan (ESPP) often fail to participate fully in the plan because they dont understand why it can be a good deal. ( Many plans offer a purchase discount of as much as 15%. Effectively, the discount can be significantly greater than 15% if the ESPP has a look-back provision. ( Depending on their clients risk tolerance and ability to finance the stock purchase, CPAs can suggest any of three approaches: No riskinstantly sell the stock purchased through an ESPP; some risksell the stock purchased through the ESPP after one year (when holding period becomes long-term); more riskbuy stock through an ESPP and hold it for many years. ( CPAs can help clients compare long-term investing in an ESPP with other options they might have for pre- and post-tax purchases of securities. Some criteria are the ESPPs discount rate, individuals tax rateٝPQcbĠƠȠ  "(<>bdntvġȡĿᱪ垚h&\hh@h!h$hT!haUhihy haUhy haUhaU hh h5hh5hhvh5 hz&_5h]hh&d"hE"h1=hcoheg h11Uhco4GQƠNObglKLNOQdgd dgdFdgdpdgdydgdLdgd d`gd d`gdȡ"6@p¢ĢƢ&*4JLNPbdfz )=?NOPbcdp|}ĤʤͤѤ֤ޤÿٛٛhph\Ih.5h\Ih5h\Ih85h\Ih5h\I jnh\I haUhaUhhxh;h*hy haUhyh@hh8hhaU=HJhjɥҥ #568=>HLpqrs{|ۦܦަߦ ٲh@hE2qh8h=hhT!hC51h>\ haUhphFhp5hFh>\5hE hEh hEhE hE5hFh5 jnhFhFh&\hph;hBh5 >HRVW\]ŧfgl}ƴǴ "#389IJLMOP}y}hD jhD U hM$hsh=hs6hnbhaU6hnbhnb56hnbhnb6hnbhs6hnbhs56 haUhaUhEUhhC51h=hx5h=hC515h=h5hF jnhFhph./ now and expected tax rate after retirement and the outlook for tax policy on long-term capital gains. Bio: Timothy A. Farmer, CPA, Ph.D., and Gregory G. Geisler, CPA, Ph.D., are associate professors of accounting, University of MissouriSt. Louis. Their e-mail addresses, respectively, are farmert@umsl.edu and geisler@umsl.edu.     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